A recent survey conducted by Ripe Insurance has revealed the average money spent on an engagement ring.
Some 1,500 people aged 18 and over from across the UK took part in the survey, which revealed that The traditional ‘three-month salary rule’ no longer stands, with the average person spending 1.7 months’ salary on a ring.
The survey also found that more than one in three people admitted to spending £250 or less on their engagement ring.
Despite one in five couples getting engaged within a year, the average couple gets engaged after three years together.
Since 2010, the cost of an engagement ring has averaged £2,014.75, with the most generous proposers located in the East Midlands with the average price being £2,451.92.
The survey also found the average cost of engagement rings by region, with the East Midlands averaging the most at £2,451.92, followed by london who average £50 less and the West Midlands on £2,283.48.
A new trend over the past decade is the use of placeholder rings. Before the year 2000, only 1% of proposals involved a placeholder ring, but since then this has increased to 7%.
John Woosey, MD of Ripe Insurance, said: “It’s interesting to see how proposals are moving with the times, with traditional values on the decline and new trends taking their place. It’s apparent that those who are going to propose would rather get the ring right first time – either by asking for their partners’ help when choosing the ring or using a placeholder ring at the time of proposal so they can choose the real thing together.
“With the average ring price now at more than £2,000 and more time being spent planning proposals, it’s clear that Brits are still invested in the engagement journey.”
Find the full table of average cost below:
|Region||Average Engagement Ring Cost|
|Yorkshire and the Humber||£1,703.70|